The Manhattan office-leasing surge that’s principally been concentrated in Midtown is finally serving to to carry the boat downtown.
JLL reports that leasing quantity and rents across the district’s 95.6 million sq. ft elevated noticeably in the third quarter over the same period last yr.
JLL reports that downtown leasing quantity and rents elevated noticeably in the third quarter from the same period last yr. Getty Images
Vacancy fell a full share level to 23% while asking rents elevated 3.1% to $59.56 per sq. foot.
Michael Colacino, JLL’s president of tristate brokerage, said, “The big story this month is Downtown’s comeback, with activity nearly double last year’s. All of this points to a market where acting early will matter, as rents rise and the best spaces get snapped up quickly.”
The largest deal downtown was for 55 Water St. Google
The largest deal was a direct lease for financial firm GFI Group for 112,783 sq. ft at 55 Water St. — more than doubling its earlier space in the tower.
Of course, what downtown actually needs is information of Larry Silverstein’s talks with AmEx over a doable settlement to finally get 2 World Trade Center off the ground. Everyone with even the least awareness clams up nervously when requested about it. But after two earlier non-binding agreements at the web site fell through, don’t expect to hear anything credible until a contract is signed with no escape clause.